Uber Leads $170 Million Investment Round in Transportation Company Lime

Transportation company Lime obtained Uber’s Jump scooter brand as part of an investment deal of $170 million. The company did so to “position Lime as a post-coronavirus pandemic transportation option,” reported Fox Business.

“Today, Lime announced that Uber is leading a $170 million dollar [sic] investment round with participation from Alphabet, Bain Capital Ventures, GV and other existing and new investors. This investment reaffirms Lime’s market strength and positions the company to build a long-lasting business that empowers people with sustainable, safe and affordable transportation options,” Lime said in a statement from May 7th.

“Uber will transfer its own electric bike and scooter division called Jump to Lime,” CNBC explained. The report also added that “the companies will further integrate their apps.”

“Under Brad’s leadership, we have built Lime into the world’s leading micromobility company that is changing the way millions of people get around their cities. I look forward to building on this foundation with the Lime team in my new role,” said Wayne Ting, CEO of Lime.

Due to the coronavirus pandemic, people have stopped using ride-sharing apps and public transportation. This is partially due to lockdown orders and fears of catching the virus. This has caused the investment to enter the picture.

“Micromobility will be vital to the new world affected by COVID-19,” Ting said. “We are already seeing this as cities begin to move again,” he went on to say. He also believed hey are “strongly positioned to meet the needs of riders in a safe and reliable way.”